Posted on: 13th Oct, 2009 12:14 pm
Ex husband never refi-ed the home after divorce. Divorce papers say he's responsible for payments. He lost job, can't pay, is 4 months behind. There is a 1st and 2nd mortgage on house. 2nd mortgage has never been late. He thinks filing for bankruptcy and foreclosing home that way is better to wipe out all of HIS debt. Will this cause ME to go into bankruptcy too? Remember, we have been divorced for 2 years.
Hi mgan,
You do not necessarily have to file bankruptcy just because your ex is planning to do so. You are divorced now and can opt to not file bankruptcy. However, if your ex files bankruptcy and does not reaffirm the loan, the lender will foreclose on the home. As your name is still on the loan, your credit will be affected as a result of the foreclosure. In case you want to avoid a foreclosure on your credit, you can consider the option of taking the matter to the court. He is in contempt of court as the divorce papers clearly state he is responsible for the payments.
Thanks,
Jerry
You do not necessarily have to file bankruptcy just because your ex is planning to do so. You are divorced now and can opt to not file bankruptcy. However, if your ex files bankruptcy and does not reaffirm the loan, the lender will foreclose on the home. As your name is still on the loan, your credit will be affected as a result of the foreclosure. In case you want to avoid a foreclosure on your credit, you can consider the option of taking the matter to the court. He is in contempt of court as the divorce papers clearly state he is responsible for the payments.
Thanks,
Jerry
Hi Jerry,
He is dead-set on Chapter 7, total liquidation because he wan't to wipe out all of his debt. I do not want anyone coming after me or a foreclosure on my credit. Its bad enough the late payments he made dropped my score 200+ points. My fear is the mortgage company coming after me, me being forced to file bankruptcy because my name is on the mortgage, and the foreclosure listed on my credit because of what he has done.
So basically, he CAN file for Chapter 7 in order to foreclose the home and no one would come after me, I just need to still file a contempt of court complaint in order to try and keep the mortgage company from placing the foreclosure on my credit?
answer soon please, we have less than 30 days.
He is dead-set on Chapter 7, total liquidation because he wan't to wipe out all of his debt. I do not want anyone coming after me or a foreclosure on my credit. Its bad enough the late payments he made dropped my score 200+ points. My fear is the mortgage company coming after me, me being forced to file bankruptcy because my name is on the mortgage, and the foreclosure listed on my credit because of what he has done.
So basically, he CAN file for Chapter 7 in order to foreclose the home and no one would come after me, I just need to still file a contempt of court complaint in order to try and keep the mortgage company from placing the foreclosure on my credit?
answer soon please, we have less than 30 days.
the above guest response is from me. thanks!
also i spoke with a lawyer last night. he said they could come after me and that they will. he said a short sale is the best way, after i brought up the "other" possible options. i was told i could be forced into filing bankruptcy, be we could coutersue to try and prevent it. i am so confused. i just want to make sure i can protect myself and keep the foreclosure off my credit.
also i spoke with a lawyer last night. he said they could come after me and that they will. he said a short sale is the best way, after i brought up the "other" possible options. i was told i could be forced into filing bankruptcy, be we could coutersue to try and prevent it. i am so confused. i just want to make sure i can protect myself and keep the foreclosure off my credit.
i've gotten him to reconsider the bankruptcy.
now he's wanting to do a short-sale. he's already found a buyer. how will this affect the second mortgage? what will happen, do we need to do anything extra?
now he's wanting to do a short-sale. he's already found a buyer. how will this affect the second mortgage? what will happen, do we need to do anything extra?